Balmoral OK to push Chapter 11 plan, disclosure deadline to March 22

By Mark Reccek

Bethlehem, Pa., Jan. 7 – Balmoral Racing Club, Inc. received court approval to extend its deadlines for filing a Chapter 11 plan and disclosure statement to March 22, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Northern District of Illinois.

The company previously said extending the deadline was necessary due to the intensity of the sale process, as well as the nature of the Chapter 11 cases.

A previous motion stated, "It has become clear that a buyer for substantially all of the debtors’ assets as a going concern business simply does not exist at this time. As such, the debtors are forced to evaluate offers for smaller subsets of their assets, which it continues to pursue to date."

Balmoral is a Crete, Ill.-based racetrack operator. The company filed for bankruptcy on Dec. 24, 2014, under Chapter 11 case number 14-45711.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.